The Bitcoin price has been continuously increasing at a 13% gain for the past four days. BTC has crossed the psychological level of $40,000. On Balance Volume (OBV) shows increasing volume as the price scales up after a few weeks of consolidation.
The price of Bitcoin (BTC) soars for the second consecutive session on Monday. BTC is rising for further gains towards $52k. The 24-hour trading volume supports the current advantage with 63% gain according to CoinMarketCap.
At the time of writing, BTC/USD is trading at $43,852, up 3.39% 24 hours.
Bitcoin is above 50 DMA
On the daily chart, BTC is hovering just above the 50 DMA at $42,834.45. However, BTC is facing strong resistance near multi-week resistance near $44,000. Now it would be interesting to see if the price could hold and break through the said level.
The Daily Relative Strength Index (RSI) reads at 60, inspired by the current price action. If it continued to move north, investors could retest the December 29 high of $48,149.58.
BTC plunged nearly 50% in January from an ATH high of $67,566 in November. The world’s largest cryptocurrency rose 28% from its low of $33,495 on January 24.
A decisive close above the said high level would motivate investors to knock out the $52,347.36 horizontal resistance line.
On the other hand, if the price fails to sustain the current high level and as the rally wears off, BTC could return to the immediate support level which is around $39,481.
In addition, a breakdown of the said level will push BTC to $34,752. The next market participant could be looking forward to the July 2021 lows at $29,301.56.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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This post After $42K Bitcoin (BTC), the price is hankering for another 18% upward move!
was published first on https://coingape.com/markets/after-42k-bitcoin-btc-price-craves-for-another-18-upside-movement/